African electric mobility firm Spiro raises $215 million, nears $1 billion valuation

African electric mobility company Spiro has raised $215 million from European and African investors, moving closer to a $1 billion valuation, according to founder Gagan Gupta. The capital injection follows previous fundraises as the company expands operations across Africa for electric motorcycle deployment in key markets this year.

Gupta said the fresh funds will be used to expand Spiro’s battery-swapping network and increase production capacity across its existing markets in seven African countries. He said the company is also focused on improving daily operations for riders and building infrastructure to support wider adoption of electric motorcycles deployment.

The company is also preparing to expand into Malawi, Mali and Ethiopia, marking the next phase of its regional growth plans. Investors in the round include Impact Fund Denmark and Equitane Inc., reflecting continued interest in transport and energy infrastructure businesses that are gaining ground in African cities where demand for affordable mobility continues to rise.

Expansion across African markets scales

The new raise follows earlier financing, including a $100 million equity round completed late last year and a separate $50 million debt package secured earlier this year. Together, the funding has helped Spiro scale its fleet and deepen its operational footprint in key markets. 

Spiro operates more than 100,000 electric motorcycles and about 2,500 battery-swapping stations across Africa. Its model reduces downtime by enabling riders to exchange batteries in minutes instead of waiting for charging. The system is widely used by commercial motorbike operators in dense urban areas where speed and reliability affect earnings.

So far, Spiro has completed more than 15 million battery swaps, showing usage of its network as electric motorcycles expand in markets where fuel prices remain high. The company also manages about 40,000 batteries within its system, which serve as the core of its operational network according to the company. 

Electric mobility-energy platform expansion

Spiro, named among TIME’s 100 Most Influential Companies in 2024, positions itself at the intersection of transport services and energy systems. Its platform combines electric motorcycles, battery infrastructure, and digital tools for riders and fleet operators.

Beyond vehicle deployment, Spiro is expanding its manufacturing and support facilities in Kenya, Rwanda, and Uganda. It is also running a battery recycling operation in Nigeria, part of its effort to manage the full lifecycle of its equipment. It is also investing in a 100-megawatt smart energy network aimed at easing power constraints in areas where grid supply is uneven.

Impact Fund Denmark Chief Executive Officer Lars Bo Bertram said the latest investment reflects long-term backing for companies linking infrastructure development with rising demand for cleaner transport. He added that pension-backed capital is increasingly being directed toward businesses with steady, real-world usage rather than short-term gains.